Arise divests 231 MW Skaftasen wind project in Fagelsjo to Foresight

Arise AB has completed the agreement with funds managed by Foresight Group LLP, a UK based leading independent infrastructure and private equity investment manager, for the sale of the 231 MW wind farm Skaftåsen.

Arise will receive a fixed consideration of approximately EUR19.1 million (US$21.2 million). An additional EUR6.4 million (US$7.11 million) in variable consideration is expected to be received once the construction of the project has been completed. The sale is expected to have a positive impact on earnings of approximately SEK210 million (US$22.3 million) in total over the years 2019 to 2021, of which approximately SEK140 million (US$14.8 million) in Q4 2019. The transaction also includes an additional production-based earn-out mechanism amounting to up to approximately EUR4.5 million (US$5 million).

The transaction will be implemented through a sale of the shares in Skaftåsen Vindkraft AB (the company holding the project rights) from Arise AB to FW Skaftåsen BidCo AB, a company controlled by Foresight.

Arise will manage the construction and once operational, manage the project on behalf of Foresight through construction and asset management agreements.

Siemens Gamesa will be supplying 35 turbines with a capacity of 6.6 MW each from its new 5.X platform.

Construction of the project has already begun, and commissioning is expected in late 2021.